Potomac, MD · Member since 2017 · 7 posts · 2 votes
Hi! I'm a 22 year old recent graduate and I am looking for some help and direction on how to tap into the market of flipping houses. My goal is to create multiple streams of income at a young age and make my mark in this industry. Thank you!!
Education, relationships, and ACTION will get you a long way. Know your numbers and when you are new double check them with anyone and everyone you can to help mitigate your risk as much as possible. Good luck :-)
Education, relationships, and ACTION will get you a long way. Know your numbers and when you are new double check them with anyone and everyone you can to help mitigate your risk as much as possible. Good luck :-)
Thank you all so much for the help! I will definitely look into getting some of the books necessary to begin this journey. If anyone knows any REI's in Maryland or New York please feel free to let me know.
@Adaure Onu-Chiedo Welcome. Jay Scott has a good book to read on flipping houses- "The Book on Flipping Houses" definitely is a great foundation to start. It's a lot of information to absorb at first, but after continuously studying it starts to come more naturally.
A great way to practice the numbers is to watch a webinar on how to calculate/ analyze deals and then practice using the BP Calculator on flipping houses- it includes everything from- desired profit, closing costs, holding costs, rehab costs, selling costs. The calculators alone are well worth the $ for the pro account. They help to include any and all costs you may miss by doing the calculations free hand.
Don't discount doing some of your own marketing to find motivated sellers. It may be the best way for you to find a deal, and immediately gets you out in the field taking action. I'd suggest do some driving for dollars (looking for distressed properties and writing them a letter), it's inexpensive and a way to find an area you want to farm.
Coming up with a written business plan helps keep you focused on your goals. For me it was finding the Big Why (why do I want to be in real estate) and then writing down my Big Goals (for this year, next year, long term). After listening to Grant Cardone's Podcast 109, I started to write them down every morning and every night. It definitely keeps you focused.